ATS Corp.

General Information

(Note: This is NOT an IPO. ATS Corp., a Canadian company, is offering common stock in the U.S. in a public offering in connection with its plan to list its stock on the New York Stock Exchange under the proposed symbol “ATS” – at the same time that it is offering stock in Canada. ATS Corp.’s stock already trades on the Toronto Stock Exchange (TSX) under the symbol “ATS” – and it will continue to do so after this offering. **ATS Corp. calls this offering its U.S. initial public offering. **IPOScoop is classifying this offering as an NYSE uplisting – and NOT an IPO –  because ATS Corp.’s common stock already trades on the Toronto Stock Exchange.)

We are an industry-leading automation solutions provider to many of the world’s most successful companies. We use our extensive knowledge base and global capabilities in custom automation, repeat automation, automation products and value-added solutions including pre-automation and after-sales services to address the sophisticated manufacturing automation systems and service needs of multinational customers in markets such as life sciences, transportation, food & beverage, consumer products, and energy.

In the fiscal year ended March 31, 2023 we reported record revenues, and we generated record Order Bookings. Our financial results for the year were also highlighted by an 11.5% increase in adjusted earnings from operations. Revenues for the fiscal year ended March 31, 2023 were C$2,577.4 million with adjusted earnings from operations of C$343.4 million. Order Backlog was C$2,153 million at March 31, 2023, up 49.7% from the previous year, and Order Bookings for the fiscal year ended March 31, 2023 were C$3,256 million, up 32.6% over the previous year.


We have designed, manufactured, assembled and serviced automation systems worldwide and have an extensive knowledge base and accumulated design expertise. We believe our broad experience in many different industrial markets and with diverse technologies, our talented workforce, which includes approximately 2,000 engineers and approximately 400 program management personnel, and our ability to provide custom automation, repeat automation, automation products and value-added services, position us well to serve complex customer programs in a variety of markets.

We engage at varying points in customers’ automation cycles. During the pre-automation phase, we offer comprehensive services, including discovery and analysis, concept development, simulation and total cost of ownership modelling, all of which help customers to verify the feasibility of different types of automation, set objectives for factors such as line speed and yield, assess production processes for manufacturability and calculate the total cost of ownership.

 For customers that have decided to proceed with an automation project, we offer specialized equipment for specific applications and markets, as well as automation and integration services, including engineering design, prototyping, process verification, specification writing, software and manufacturing process controls development, equipment design and build, standard automation products/platforms, third-party equipment qualification, procurement and integration, automation system installation, product line commissioning, validation and documentation. Following the installation of custom automation, we may supply duplicate or similar automation systems that leverage engineering design completed in the original customer program. For customers seeking complex equipment production or build-to-print manufacturing, we provide value engineering, supply-chain management, integration and manufacturing capabilities, and other automation products and solutions.

Post automation, we offer a number of services, including training, process optimization, preventative maintenance, emergency and on-call support, spare parts, retooling, retrofits and equipment relocation. Service agreements are often entered into at the time of new equipment sale or are available on an after-market basis on installed equipment. We offer a number of software and digital solutions to our customers, including connected factory floor management systems to capture, analyze and use real-time machine performance data to quickly and accurately troubleshoot, deliver process and product solutions, prevent equipment downtime, drive greater operational efficiency and unlock performance for sustainable production improvements.

Contract values for individual automation systems vary and are often in excess of C$1 million, with some contracts for enterprise-type programs well in excess of C$10 million. Due to the custom nature of customer projects, contract durations vary, with typical durations ranging from six to 12 months, and some larger contracts extending up to 18 to 24 months and beyond. Contracts for pre- and post-automation services range in value and can exceed C$1 million with varying durations, which can sometimes extend over several years. Contracts for other products range in value and duration, depending on their nature.


**Note: Revenue is for the fiscal year that ended March 31, 2023.

(Note: ATS Corp. priced its U.S. public offering on May 24, 2023, at $41.00 – below its as-converted closing price of US$45.76 price (closing price on May 19, 2023, on the TSX) on 6.0 million shares – the same number of shares in the prospectus – to raise $246 million. The stock is expected to start trading Thursday (May 25, 2023) on the NYSE.    ATS Corp. filed its F-10 on May 23, 2023, the same date that it announced its offering (which the company calls its U.S. initial public offering) in the United States of 6.0 million shares. ATS Corp.’s common stock closed at US$45.76 (the U.S. price converted from the Canadian closing price of C$61.78) on May 19, 2023.)

Industry: General Industrial Machinery & Equipment
Founded: 1978
Contact Information
Address 730 Fountain Street North Building 3 Cambridge, Ontario N3H 4R7 Tel: 519-653-4483
Phone Number 1-519-653-4483
Web Address
View Prospectus: ATS Corp.
Financial Information
Market Cap
Revenues $1898.4 mil (last 12 months)
Net Income $94.06 mil (last 12 months)
IPO Profile
Symbol ATS
Exchange NYSE
Shares (millions): 6.0
Price range $41.00 - $41.00
Est. $ Volume $246.0 mil
Manager / Joint Managers Goldman Sachs/ J.P.Morgan/ TD Securities
Expected To Trade: 5/25/2023
Status: Priced
Quiet Period Expiration Date:
Lock-Up Period Expiration Date:
SCOOP Rating
Rating Change